Digicel receives consents to extend grace period 15 days for 6¾% notes

By Mary-Katherine Stinson

Lexington, Ky., May 30 – Holders of Digicel Ltd.’s 6¾% senior notes due March 1, 2023 approved an additional 15-day extension to the 90-day grace period previously consented to by an overwhelming majority of noteholders, according to a press release Monday.

The latest extension includes an option for a further 15-day extension, provided a majority of holders consent.

The most recent consent solicitation expired at 5 p.m. ET on May 26.

Holders of about 80% in aggregate principal amount of the notes delivered their consents for the latest extension.

As a result of the successful consent solicitation, Digicel, Deutsche Bank Trust Co. Americas as trustee and the guarantors entered into a supplemental indenture on May 26.

Epiq Corporate Restructuring, LLC was the information and tabulation agent.

The company also reported continuing negotiations with an ad hoc group of crossover holders and holders of secured debt issued by Digicel International Finance Ltd. to implement a comprehensive restructuring transaction agreement which would reduce the company’s funded debt by about $1.8 billion. No definitive agreement has been finalized as of May 30.

Digicel, based in Kingston, Jamaica, is a Caribbean mobile phone network and home entertainment provider.

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